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07/05/2017

Accountant disrupts $3b debt collecting industry

Now the Adviser and Accountant does debt collecting Many businesses don’t have the time and resources to recover debts. Often they are too hard to collect. As accountants well know, over $3b of debt is written off every financial year in Australia. The debt collection industry is under the clutches […]
12/04/2017

Added risks if Financial Planners operate out of a company? Consider ASIC v Cassimatis (Storm Financial)

Financial Planners operate out of a company. But is it wise? Directors make mistakes. ASIC punishes them. Fair enough. However, the court goes further when Financial Planners operate out of a company structure. Because Storm Financial held an Australian Financial Services (AFS) license it suffered twice. This is an alarming attack. […]
31/03/2017

Travel costs to visit Accountant & Adviser tax deductible – says ATO TD 2017/8

When are costs of travel for a tax return deductible? This ATO Tax Determination TD 2017/8 was issued 29 March 2017. When you visit your accountant or financial planner the cost of travelling is tax deductible. This is when you are having your tax return prepared by a 'recognised tax adviser'. It […]
17/11/2016

Can you abandon a gift in a Will to keep the pension?

Can you abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and Concession Card. Mary has […]
26/08/2016

Can you offer ‘free’ SMSF setup? ASIC attacks SMSF promotor

&nbsp ASIC attacks SMSF promotor, but is it fair? Good old ASIC has successfully applied a penalty on a business seeking to set up your SMSF for 'free' - but then charging you $1,100 per year. The ASIC $10,800 slap on the arm is because the advertising of 'free' potentially misleads […]
11/08/2016

Go bankrupt lose Super? Bankrupt widow keeps Super

Go bankrupt lose Super? Bankrupt lose Super. But isn't Superannuation protected from bankrupcty? The 3 common safe havens to protect assets from insolvency are: ‘Clean skin’ Family Trusts (eg, doesn't employ people) Low-risk spouse (eg. spouse is a school teacher) Superannuation With huge wealth moving into Super the Trustee-in-Bankruptcy has its […]
20/07/2016

Are Family Trusts replacing Self-Managed Super funds?

Are Family Trusts replacing Self-Managed Super funds? We are seeing a renewed interest from professionals for Family Trusts. Family Trusts built on our website have surged 38% in the last 12 weeks. Conversely, SMSFs have dropped by 23%. On speaking with professionals it appears that clients are losing confidence in […]
20/07/2016

Charity v Son – Dad’s Will challenged

Charity v Son – Dad’s Will challenged Dead Zopito Di Cesare left everything to charity. His son, Ivano Ferrante last week filed a Supreme Court writ against the charities.  Usually, a son argues that he wasn’t getting enough out of his Dad's Will and asks the court to rewrite the […]